Incorporation of Digitization to Improve the Production Augments the Global Product Lifecycle Management Software Market Growth
According to a new market research report published by Inkwood
Research, the Global Product Lifecycle Management Software Market is estimated to
evolve at a CAGR of 6.53% during the forecasting years of 2020-2028.
“Browse 31 market Data Tables and 39 Figures spread over 151 Pages,
along with an in-depth TOC on Global Product Lifecycle Management Software Market
Forecast 2020-2028.”
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Product
lifecycle management (PLM) is the process, which helps organizations manage the
complete lifecycle of a product, starting from its design and development to
its ultimate disposal. However, the increased adoption of Industrial IoT
technology in the production process is aiding the manufacturers to integrate
the electronic and mechanical components with software solutions. PLM software
helps organizations manage their product’s lifecycles, by providing an
exhaustive data warehouse for all the information that affects the product. Digitization
has become the key to unravel newer opportunities in almost every industry, and
is gaining a strategic advantage in a swiftly changing business environment.
Application of Digitization to Improve the
Production Drives the Market Growth
With the
arrival of industry 4.0, the shift from mass production to mass product modification
is resulting in on-demand production and maximizing inventory. The industries
across the world are increasingly adopting automation, IoT, AI, AR, and
analytics, in order to improve efficiency and cost savings. For example, according
to GSMA Intelligence, the number of industrial IoT connected devices in 2019
was 4.5 billion, and this number is expected to increase even further. The
industries across the world are automating their processes. The sheer amount of
data generated by the combination of digitization and automation is helping
enterprises to further optimize processes, owing to which manufacturers are
showing much more interest in adopting solutions, such as ERP, CRM, PLM, SCM,
and TMS.
Professional Services - Leading Deployment Segment in
the market
Leading enterprises are supporting the rising importance of
PLM to support successful product development. Initiatives such as
standardization of processes, increasing product quality & compliance,
securing intellectual property, etc. require well-executed PLM solutions. The
proper deployment of PLM further requires domain expertise, and a broad range
of experience in providing product solutions, which increases the demand for professional
services.
Asia
Pacific is estimated to record the fastest growth rate by 2028
The PLM software market in the Asia Pacific region is
evaluated to register the highest growth rate over the projected period, owing
to the continuous industrial and infrastructure expansion activities,
particularly in China and India. The initiatives are mainly concentrated on the
adoption of 4.0 solutions, and pursuing extensive investments for advanced
technology adoption.
The market is characterized by moderate/ high product
differentiation, high levels of competition, and rising levels of product
penetration. In on-premise deployment, vendors compete intensely, and in the cloud,
new entrants are further intensifying the rivalry. Some of the well-established
players participating in the high competitive rivalry are SAP SE, Siemens AG,
Oracle Corporation, Dassault Systemes Deutschland GmbH, Accenture Plc, and
others.
About Inkwood Research
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technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises of North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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